SOLUTION: Juan invests a total of $39,000 in two accounts paying 14% and 11% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $
Algebra ->
Customizable Word Problem Solvers
-> Coins
-> SOLUTION: Juan invests a total of $39,000 in two accounts paying 14% and 11% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $
Log On
Question 722551: Juan invests a total of $39,000 in two accounts paying 14% and 11% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $4,860.00.
You can put this solution on YOUR website! Total Principal = $39000
Total interest paid = $4860
Simple interest = I = PTR/100
let 'x' be the amount invested in first account with 14% interest
and 39000 - x is the amount invested in 2nd account with 11%
I1 = x * 14/100
I2 = (39000-x)*11/100
I1+I2 = (1/100) *(14x + 429000 - 11x ) = (1/100)*(3x + 429000) = 4860
3x = 486000 - 429000 = 57000 or x = 19000 and 39000-x = 20000
Therefore, Juan invested $19000 in first and $20000 in the 2nd account respectively
